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NASDAQ Technical Analysis 8 january 2019

2019-01-08 06:07 am | Resource: Technical Analysis | No Views : 123

Time frame Used - four hours
The NASDAQ 100 is moving in a sideway direction in the near term.
The NASDAQ 100 is still facing resistance and selling pressure around the 6484 level forming a negative candlesticks pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the NASDAQ 100 will retreat to levels of  6143 - 6030 again, and this scenario fails in case of NASDAQ100 is breaching level of 6484 to upside.
The alternative scenario is that the NASDAQ 100 index breach 6484 to upside  to target the level of 6852 again.
  Resistance: 6484 - 6586 - 6852
Support: 6143 - 6030 - 5800
Direction: sideway
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